OceanChuck: I write for triCity.
The first dispute I had with Asbury Partners was over the signatories to the redevelopment contract. After the crippling 10 year Carabetta bankruptcy, I didn't want to risk that again. For about 18 months we were promised MD Sass as our developer. They were easy enough to check out - a multi-Billion Dollar firm. Little chance of a bankruptcy there. When the contract was published (public had about 1 week to review) I was freaked that MD Sass was not a signatory. Only "Asbury Partners LLC" had the obligation of redevelopment. At that time, it appeared AP Partners had no assets (none were made public, anyway). Although MD Sass was a memeber of AP LLC, a member is only liable to the extent of thier investment. At that point, it wasn't clear that there was anything more invested in the LLC than the $150.00 filing fee. I published an article called "I want my MD Sass!" I noted that any assets Asbury Partners had were actually properties held in the names of about 8 other companies (Catfish Holdings, LLC, Smokefish Holdings, LLC, etc). I encouraged the council not to sign the contract unless the MD Sass group of companies would sign as obligors to the contract, since they couldn't possibly bankrupt all thier extensive holdings. Aaron countered in writing that Asbury Partners had assets because those 8 or so other companies were wholly owned subsidiaries of Asbury Partners. I countered that if a Parent Company files for Bankruptcy, the assets of the wholly owned subsidiaries are not part of the bankruptcy estate, so Asbury Partners could go Bankrupt and keep their properties. The night of the council meeting to approve the contract, I took the microphone and said I like the plan, but asked them not to sign unless the MD Sass group of companies signed on. Aaron said they actually asked, but MD Sass said no. The contract was approved. I will say now that the further along we get, the less likely or problematic a bankruptcy becomes. I think the issue is probably moot now because things look good and I believe Cherokee made a huge investment (why they needed that investment I couldn't tell you). Bankruptcy could have been a problem early on, but I think we are safe now. As for the second disagreement I had with them, well, I'm hesitant to say it on this board because you folks are going to tear me up on this one. New Jersey Boardwalks today have a hook that makes them year round attractions. AC obviously has gambling. Pt. Pleasant has an aquarium, Ocean City has theaters, etc. A 3 month tourist economy isn't going to work here, because Monmouth County isn't a tourist attraction anymore (Sea Bright, LB, Belmar have all gone from tourism to year round residential). Also, 3 month tourst boardwalks tend to create McJob type opportunites. So here is my idea for a year round hook - high end retail shopping. Magnificent shopping. People arn't going to come to the Ocean on a windy February day for popcorn and peanut stands. They will for shopping that is nicer than the the malls. Think Tiffany's on the Boardwalk, and the career opportunities it could make. [Side note: I'm an Asbury Parker that still resents what the Malls did to us years ago, so I would love some revenge on them]. Also, outside of Short Hills Mall so many miles away, there is now elegant shopping around here, and I think we can sustain it, with this being one of the richest counties in the country. Anyway, Larry made it a point to say that such high end shopping is not in the plans. If I know this board like I think I do, I have probably given many thier first reason to agree with Larry about something. Sorry this was so long. --- In AsburyPark@yahoogroups.com, charlie leonard <[EMAIL PROTECTED]> wrote: > bluebishop82, > > i read most of what you said to skip there. if you > can summarize real quick, what dispute did you get > into with larry fishman? about types of business on > the boardwalk?? what was this about? sorry, im not > familar with who you are either! who do you write > colums for? > > > > __________________________________ > Do you Yahoo!? > Yahoo! Small Business - Try our new Resources site > http://smallbusiness.yahoo.com/resources/ Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
